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Forget Paris — Toronto is where it’s at

Toronto ranked just behind New York City in an annual report on the top 26 &ldquo;Cities of Opportunity&rdquo; by PricewaterhouseCoopers. What got us there?

By Dan RobsonStaff Reporter

Sun., May 15, 2011

Toronto ranked just behind New York City in an annual report on the top 26 “Cities of Opportunity” by PricewaterhouseCoopers.

The report heralds Toronto’s feat as spectacular, given that the “small city” topped powerhouses like London, Paris and Hong Kong.

“New York might win because it’s really big and has been around a long time,” said Bill Sand, the firm’s director of thought leadership. “But if you really look at it, New York didn’t blow the other cities away.”

In fact, by the report’s grading process Toronto was only 31 points behind the Big Apple. This city was 23 points ahead of San Francisco, which finished third.

“Toronto is a really attractive place for smart people around the world to come,” said Sand. “It’s good to do business there, it’s open to different people . . . it’s a nice, welcoming city, with good education for my kids. That’s the message about Toronto from our report.”

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The report looked at 10 specific categories that make a city great. This is how Toronto fared:

THE GREAT

Intellectual capital and innovation: 2nd

This category looks at much we invest in smartness. Toronto’s future is bright: The city scored well on classroom size, literacy enrolment, and math and science skills. Only Stockholm did better.

How can we improve? The research performance of our universities was just a bit above average, according to the report. Ditto for our investment into research and development.

How can Toronto do better? The city finished just one point behind Stockholm, so really, that isn’t bad.

Demographic and livability: 3rd

This has to do with our ability to attract and retain talent. Toronto had the highest ranking for quality of living and life satisfaction, and also received points for its low “natural disaster risk.”

However, we slipped to bottom of the pack in both commute time and “thermal comfort.” Stockholm again ranked first.

Lifestyle assets: 4th

This category attempts to quantify a city’s cultural vibrancy and impact. Toronto was given top marks for having one or more sports teams that are important to the city’s “self-definition.” We were middle of the pack in the “cultural vibrancy” category.

How can we improve? Our “skyline impact” is average, as is our proportion of green space and the number of hotel rooms in the city. New York had the edge.

THE GOOD

Sustainability: 5th

Toronto tied with Mumbai for the 5th spot on the overall sustainability list. We were the top city for tackling air pollution, and rated high in waste recycling.

Toronto’s weaknesses? The city’s carbon footprint is like a size 15, and it’s just average when it comes using renewable energy. Berlin ranked 1st in the category.

Economic Clout: 7th

Traditional political and commercial powerhouse cities performed in this category, despite the financial crisis. It takes into account the number of Global 500 headquarters, shareholder protection and currency strength. Toronto was competitive but outmuscled by Singapore, Madrid, Hong Kong, New York, Paris, and London.

Toronto was one of the top-ranked cities for its cost of living, which might surprise some. It was also listed as the cheapest place for a business trip. Toronto was middle of the pack in terms of tax rate and cost of business occupancy.

Ease of doing business: 5th

The report says Toronto would be one of the easiest cities in the world to do business if it improved its ease of hiring and firing and Canada offered more flexibility on visa requirements.

THE BAD

Technology readiness: 11th

When it comes to quality of Toronto’s Internet services, there is much to be desired. We’re a bit better than Santiago and a little worse than Istanbul when it comes to broadband quality.

Toronto’s contributions to software, multimedia development and design also leave much to be desired, according to the report.

The city did, however, score highly when it comes to Internet access in schools. Future citizens will be masterful Tweeters.

Transportation and Infrastructure: 13th

While Toronto ranked first for the number of skyscrapers being built, it fared poorly in most other sections of this category.

Limited transit coverage, the cost of public transportation and an insufficient number of licensed taxis contributed to our low rating.

Cities near the top of the list have well-entrenched transit systems that have become part of the area’s cultural identity, such San Francisco’s cable cars, Chicago’s “L” train and the Metro in Paris.

Sure, second’s not bad — but what will it take for Toronto to top the list?

It may not be possible, Sand says, at least by the factors considered his firm’s report.

“It’s a big city of course,” Sand said of Toronto. “But it’s not this big bruiser city like London or New York.”

The size and history of a place like New York makes it hard for a city like Toronto to compete on the same scale. We don’t have the same museums, we don’t have Broadway, or Central park, or sea of yellow cabs. And likely, we never will.

Toronto comes in near the top of the report in affordable housing. It’s first for quality of living. It’s first for ilife satisfaction. It’s the kind of place quality employees want to be. It’s the kind of place where a business can thrive.

“What innovative, productive and hardworking people are doing is going to Toronto and Stockholm,” Sand said. “Sure, you might want to move to London or New York, but is that the way the world is going?

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